by Calculated Risk on 7/03/2007 02:56:00 PM

From the WSJ: GM, Ford, Chrysler Sales Slide As Toyota Reports 10% Gain

General Motors Corp. said its June sales decreased 21%, which the auto maker attributed to its planned reduction of rental-car sales, a "soft industry" environment and heavier incentive spending by its rivals.

Ford Motor Co. posted a 8.1% drop in light-vehicle sales for month ...

Toyota Motor Corp., which is running neck-and-neck with Ford for the No. 2 sales ranking, saw its U.S. sales jump 10% ...

Chrysler Group recorded a 1.4% fall ...

It is pretty clear that Q2 PCE will be sluggish. I wonder how much of this is related to the housing slump and declining Mortgage Equity Withdrawal (MEW)?